2015 (5) TMI 312

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....s recorded by the first appellate authority that the sale was a slump sale and, therefore, computation of capital gains should be on that basis. 2. These two appeals are admitted for considering the following substantial question of law :                "Whether the appellate authorities were correct in holding that the consideration amount of Rs. 2.2 crores received by the assessee from M/s. Praxair Carbondioxide Pvt. Ltd., was a consideration received for a slump sale of a going concern for a slump price and cannot be brought to tax under section 50 of the Act as held by the Assessing Officer especially when the assessee continued to own some of com pany assets ?"....

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.... years, held that the facts in the present case are identical. But in the case of the sister concern, M/s. CICB Chemicon Pvt. Ltd., the Tribunal has issued a direction to consider the liability and the capital gains, on the basis of that, it is a case of slump sale and the assessing authority was directed to follow the directions contained in various judgments, as considered by the Tribunal. Therefore, following those judgments in this case also it was held that, it was a case of slump sale. Aggrieved by the said order, the Revenue has preferred an appeal before the Tribunal. The Tribunal, on re-appreciation of the entire materials on record, held that the instant case is covered by the decision of the Tribunal in the case of CICB and Mahal....